IEA – Global Gas Security Review, 2024

In 2024, global natural gas markets experienced growth after a supply shock in the previous year. However, the balance of global gas supply remains fragile due to limited growth in LNG production and ongoing geopolitical tensions causing price volatility. LNG shipping constraints also emerged in 2024, highlighting vulnerabilities in the global gas trade. To ensure secure gas supplies, responsible producers and consumers need to work together amid mounting geopolitical tensions. Global gas demand is expected to reach new highs in 2024 and 2025, primarily driven by Asia. Preliminary data indicates a 2.8% increase in natural gas consumption in the first three quarters of 2024. Looking ahead to 2025, global gas demand is forecast to continue growing, with uncertainties surrounding LNG supply and the future of Russian gas transit via Ukraine. The Asia Pacific region is expected to be a significant driver of gas demand growth, while the growth in LNG supply is set to improve in 2025 as new projects come online.